10/23/25 Soybean Market Still Responsive to Trump

10/23/2025 Click Above to Watch the Morning Market Talk Video Soybean Market Still Responsive to Trump On the Grains November soybeans poked above near-term resistance at $10.38 overnight, as traders continue to cling to hopes of a breakthrough in trade talks with China. Corn and wheat also traded higher overnight. On Wednesday, President Trump said he would speak with Chinese leader Xi Jinping on Russian oil, resuming soybean purchases and rare earths exports. “We’ll make a deal on, I think, everything,” Trump said. If nothing else, price action signals the soybean market will be responsive if President Trump somehow gets China to agree to soybean purchases. That’s doubtful in my opinion unless 1) China needs soybeans (it doesn’t until at least early 2026) or 2) the price is too good to pass up (currently, it’s not despite discounts to Brazilian supplies). Some modest “goodwill” purchases are possible to make Trump think he “won” in negotiations, but I doubt China will agree to “x” number of bushels/tonnes of purchases over “x” time period or at “x” price. With that said, I hope the soybean market continues to cling to those hopes and gives you a better selling opportunity. China Confirms High-Level Trade Meeting…